debt settlement
Date: Sat, 05/08/2010 - 14:05
i have been borrowing against my home equity line of credit each month to pay credit card debts. realizing this is a bad situation, i'm choosing to try and settle with my credit card companies. i have only missed one payment so far and am wondering if i should contact them immediately and ask to settle or wait some months out?
I would wait until they start coming to you. I think you are mak
I would wait until they start coming to you.
I think you are making the right decision, I have read these forums and I think so many folks, myself included, are just like you, borrowing Peter to pay Paul, trying to stay in the game and not realizing til late that it is just putting you in worse hole...good luck.
Kaylee
Quote:Originally Posted by kayleeI would wait until they start c
Quote:
Originally Posted by kaylee I would wait until they start coming to you. I think you are making the right decision, I have read these forums and I think so many folks, myself included, are just like you, borrowing Peter to pay Paul, trying to stay in the game and not realizing til late that it is just putting you in worse hole...good luck. Kaylee |
Here's my two cents worth.
Isn't your HELOC secured by your home?
"The underlying collateral of a home equity line of credit is the home, failure to repay the loan or meet loan requirements may result in foreclosure."-from elsewhere.
And your cc's are not secured.
If it were me, I would not rob Peter HELOC to pay Paul Crexiy Card.
Let Paul wait, he'll come calling soon enough.
Repectfully yours,
King "Kash" Jabba Labba
